India's second largest steel company Steel Authority of India (SAIL) has announced its results for the quarter ended September 2010. It has reported net profit at Rs 1,090 crore as against Rs 1,660 crore, degrowth of 34.34% on year-on-year basis (YoY).
Net sales increased 6.63% to Rs 10,603 crore from Rs 9,944 crore (YoY).
Earning before interest, depreciation, tax and amortisation (EBIDTA) declined at 15.68% versus 23.8% (YoY) and 20.18% (QoQ) while expectation was at 17%.
Margin was lower than expected due to higher coking coal prices & higher wage bill. Coking coal has increased by 76% to USD 225/tonne
Production increased to 3.17 MT versus 3.08 MT (YoY) and 3 MT (QoQ).
Numbers were below expectations; CNBC-TV18 expected net profit at Rs 1295.44 crore and net sales at Rs 10694.51 crore.
In the Q1FY11, the company reported revenues at Rs 9133.32 crore and net profit at Rs 1176.65 crore.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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